As we face the peak of summer temperatures in Atlanta, the real estate market in Metro Atlanta continues to be in a state of change. In this report for July 2023, we examine the most recent data to provide an overview of the current market situation. Although there was a decrease in the number of sales compared to July 2022, the average prices of properties have remained stable in various neighborhoods. Now, let’s analyze the specific figures for each area.
In North Fulton, new listings encountered a substantial 32% decrease, contributing to a 24% drop in total active listings and a 27% decline in the number of sales year-over-year. Despite this, average sales prices showed resilience, with a 2% increase to $808,355. Detached homes averaged $908,203, while attached homes averaged $542,937. Properties spent an average of 18 days on the market.
Similarly, East Cobb observed a 24% decrease in new listings and a 28% decrease in the number of sales. However, average sales prices remained steady, with no change from the previous year, settling at $579,563. Detached homes in East Cobb averaged $614,838, while attached homes averaged $381,016. The average time on the market was 14 days.
Buckhead witnessed an 8% decrease in new listings and a 15% decline in the number of sales year-over-year. However, the average sales price surged by 12% to $808,749. Detached homes in Buckhead averaged $1,327,151, while attached homes averaged $541,050. Properties spent an average of 39 days on the market.
The Intown area experienced a 26% decrease in new listings, leading to a 33% drop in the number of sales. Nonetheless, average sales prices showed resilience, with a 7% increase to $618,011. Detached homes in Intown averaged $813,358, while attached homes averaged $422,664. The average days on the market stood at 21.
Sandy Springs observed a 17% decrease in new listings, resulting in an 18% drop in the number of sales year-over-year. However, the average sales price displayed strength, increasing by 8% to $774,248. Detached homes in Sandy Springs commanded an average price of $1,174,996, while attached homes averaged $390,197. Properties spent an average of 28 days on the market.
In Brookhaven/Dunwoody, new listings declined by 23%, contributing to a 31% decrease in the number of sales compared to July 2022. However, average sales prices demonstrated a positive trend, increasing by 12% to $745,666. Detached homes averaged $871,886, while attached homes averaged $425,908. The average time on the market was 17 days.
Across the 11 counties of Metro Atlanta, new listings decreased by 21%, resulting in a 23% drop in the number of sales. However, average sales prices remained robust, increasing by 3% to $509,903. Properties spent an average of 25 days on the market. Detached homes averaged $540,753, while attached homes averaged $402,159.
In July 2023 the Metro Atlanta real estate market showed a decrease in sales volume compared to the previous year. However, average sales prices maintained their steady trajectory or even posted double digit increases in various markets. As the market continues to evolve, staying informed and partnering with knowledgeable real estate professionals is crucial to navigate these dynamic conditions.
If you have any questions or would like a more in-depth analysis of the current market, please don’t hesitate to reach out to our team. We are here to provide you with the insights you need to make informed real estate decisions.
*Please note that all statistics mentioned above are based on the data provided for July 2023 compared to July 2022.
